India's Kingfisher reports H1 loss of $131m

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India's Kingfisher Airlines saw losses widen badly in the fiscal first half to 30 September.

The carrier says in a Bombay Stock Exchange filing that unaudited accounts show its net loss soared to Rs6.41 billion ($131 million) from Rs4.26 billion in the same six months of last year.

Revenue nearly tripled, as Kingfisher's operations were merged with those of the former Deccan, to Rs27.2 billion from Rs9.48 billion.

However costs soared and an operating loss of Rs7.06 billion was recorded, compared to an operating loss in the year-earlier period of Rs4.26 billion.

Costs rose in all areas but fuel expenditure in particular rose sharply, to Rs17.1 billion from Rs5.4 billion.

The accounts are the first for the current financial year being released by Kingfisher since it became a publicly traded company through the acquisition of the former Deccan, which was already listed on the Bombay Stock Exchange. Kingfisher's assets were injected into the listed entity earlier this year and the Deccan trading name is no longer used.

India's airlines have been reporting steep losses this year as a result of increased costs and overcapacity following years of aggressive growth.

Kingfisher, which is the second-largest domestic airline in India, last month announced plans for a wide-ranging alliance with market leader Jet Airways, which recently reported steep losses of its own.